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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 22 MAR 2019

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Precious Metals Preview: Gold Gains After Fed Abandons Plans To Raise Rates This Year.
Gold gained after the US Federal Reserve said Wednesday that the United States economy was slowing more than it had previously thought and painted a far less rosy economic picture than the White House as it left interest rates unchanged and signaled little appetite for raising them again in the near future. Jerome H. Powell, the Fed chairman, said the economy “is in a good place” in a news conference. But he and his colleagues said growth appeared to be slowing from last year, under the weight of the Trump administration’s trade war, economic slowdowns in Europe and China and fading stimulus from the Republican tax cuts of 2017. The Fed now sees 2.1% growth this year, down from the 2.3% it forecast in December — and more than a percentage point less than the 3.2% growth the White House predicts. The outlook for 2020 is even more tepid, with the Fed now projecting growth of just 1.9%. With this statement, the US Fed has effectively abandoned of all plans to raise rates this year. COMEX Gold currently trades at $1308 per ounce, up 0.10% on the day. MCX Gold futures close at Rs 31830 per 10 grams, up 0.42% in the last session.

Energy Preview: Crude Oil Stays Broadly Supported.
WTI Crude eased after hitting $60 per barrel for first time since November last year. WTI has rallied around 30% this year on supportive equities and concerns over supplies. US Crude stockpiles dropped by 9.6 million barrels in the week through March 15, the US Energy Information Administration data showed. The gasoline inventories fell by 4.6 million barrels and distillates stocks, including diesel and heating oil, dropped by 4.1 million barrels. Crude market also continues to draw support from OPEC-led supply cuts and US sanctions against Iran and Venezuela. WTI Crude oil futures currently trade at $59.85 per barrel, flat on the day. MCX Crude oil futures closed at Rs 4156 per barrel, up 0.90% on the day in last session.

Base Metals Preview: Copper Off Eight Month High.
Copper prices eased from eight-month highs on Thursday as the U.S. dollar, which had fallen after dovish comments from the Federal Reserve, recovered. Cautious Asian equities and worries over Chinese demand are weighing on the red metal as well and the metal currently trades at $2.90 per pound, down 0.20% on the day. MCX Copper futures closed at Rs 443.50 per kg, down 0.57% on the day. A slide under Rs 450 levels extended as the Indian Rupee surged near a seven month high of 69 per US dollar.

PRECIOUS METALS
CS GOLD (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 32100
RESIST 1: 32000
SUP 1: 31700
SUP 2: 31600

CS SILVER (MAY) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 38700
RESIST 1: 38400
SUP 1: 38100
SUP 2: 37900

BASE METALS
CS COPPER (APR) OVERVIEW:
TREND : BEARISH
RESIST 2: 453.00
RESIST 1: 448.00
SUP 1: 440.00
SUP 2: 437.00

CS NICKEL (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 922.00
RESIST 1: 907.00
SUP 1: 880.00
SUP 2: 870.00

CS ZINC (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 201.00
RESIST 1: 199.00
SUP 1: 196.00
SUP 2: 195.00

CS LEAD (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 142.00
RESIST 1: 141.00
SUP 1: 139.00
SUP 2: 138.00

CS ALUMINIUM (MAR) OVERVIEW:
TREND : BEARISH
RESIST 2: 148.00
RESIST 1: 146.00
SUP 1: 144.00
SUP 2: 143.00

ENERGY
CS CRUDE OIL (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4200
RESIST 1:4170
SUP 1: 4110
SUP 2: 4080

CS NATURAL GAS (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 196.00
RESIST 1: 195.00
SUP 1: 193.00
SUP 2: 191.00

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